d. (c) human life value method This is called. Which of the following methods of calculating the amount of life insurance needed takes into account the insured's wages, years until retirement, and inflation? C. group credit life insurance does not build cash values. (d) free look provision. Which model is the better fit for the data? \hline & \text { Jul 1 } & 55,000 \\ The person who receives the benefit when insured dies. Which type of risk involves the possibility of loss or gain? -kids till 21
insurable interest must exist. A mutual insurer has no stock, and is owned by the policyholders. Jason Mackenzie Alexander argues morality is a form of social technology - it is context specific and it can go out-of-date (Choose from the following options) 1)Statement of continued good health
A. A) Any distributions from MECs are taxable, including withdrawals and policy loans. A person cannot buy insurance unless that person is in a position to suffer a financial loss. Suitability Represent the insured's interest, Insurance Licensing - Chapter 2: Property Bas, Chapter 9- Commercial General Liability Cover, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, CompTIA A+ Certification Exam Prep - Chapter. -The insurance dept. 3)Rider expires 60,65,75. a) No penalties, since the owner is older than 59 D) Members of the uniformed forces can obtain term group life insurance through Servicemembers' Group Life Insurance (SGLI). The total factory payroll for the month according to the payroll register is $308,000.00, distributed as follows. &\text { Rental Class }\\ Endowments means policy is what(2) things? What contract characteristic does this describe? B) bonds 3. B) The parent is responsible for the premium. C. State Education Waiver 3)they provide insurance to members. Which of the following would be the best option that would help the surviving spouse of the insured to put her child through daycare after the insured's death? C. Solicit applications on the insurer's behalf _____________ is an employer paid disability and health insurance coverage that covers job related illnesses or injuries. 1)premium payment
4. \hline \text { Jul 31 } & 25,500 C. The death benefit paid to the beneficiary The following are all true regarding risk management, except: A. d) Joint and Survivor, B) The Waiver of Cost of Insurance rider is found in Universal Life policies. a. mentally counting backward from 1,0001,0001,000 c. It is the failure to use ordinary care. B. Buy-Sell Agreements pay in the event of a medical emergency All of the following statements about ordinary life insurance are true EXCEPT. Rating codes are assigned to show financial strength or weakness of each company rated All of the following are true regarding life insurance illustrations EXCEPT. A lender has an insurable interest in the life of a debtor, but only to the extent of the debt. 2)when benefits begin
A. Hammond estimates that it will manufacture 5,000 televisions next year. Any gain in the policy's cash value is . A false statement in the application for insurance is_____________. 1) preferred-low
If company pays dividends, then they are a? \hline \text { Jul 1 } & \begin{array}{r} D) When replacement is involved, a producer must perform the following duties: sign replacement notice (and keep a copy), provide a list of items being replaced, leave all brochures/sales material used in the sale, take new application, submit "Copy to Replacement" notice, and it attach to application. Numerical identifiers: Each candidate list entry covers both anhydrous and hydrated forms of a substance. B. Prepare a pie chart of on-time delivery performance for last month. -low commissions
Cash Accumulation C. Buy-Sell agreement D. Survivor Protection, All of the following are true of key person insurance except A. If the insured becomes disabled, the rider allows the cost of insurance to be waived, with the exception of premium costs required to accumulate cash value, Who must notify the replacement company of a policy that is being replaced? D. The face amount remains the same throughout the life of the policy. ~~~\text{Selling and administrative salaries}&75,000\\ Appoint a solicitor as his or her representative & \text{ ???? } 3)mortality charge. Insurance is designed to cover both intentional and unintentional losses. 5)Explain when coverage begins
How does having children affect the decisions that couples must make when considering a divorce? D) The Life and Health Insurance Guaranty Corporation protects Maryland residents who are policyholders, insureds, beneficiaries, annuitants, and assignees of life and health insurance policies, annuities, and supplemental contracts, if the insurer issuing the policies fails to perform its contractual obligations because it becomes impaired. _________ is a determination that a statement made as a warranty, or true. \text{Inventory} & 201 & 505 & 905 & 52 \\ Credit life Liquidity in life insurance refers to availability of cash to the insured through cash values. With a little work, an unused office area could be converted to a rental room. ? 3)semi-annual
Life insurance proceeds Observers and analysts have attributed the reasons for the 2001-2006 housing bubble and its 2007-10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". C. Waiver D. Viatical settlement. If the conversion cost is the same for both types of rooms, would you recommend converting the office to a Type I or a Type II room? Example: AIL was incorporated in Indiana and its home office is in Texas so in NJ its considered a foreign insurer. Round Tree has 100 Type I rooms and 120 Type II rooms. Whoso. Should a key person die, the benefit is treated as a reimbursement to the business for loss of services from that key person. ADD( Accidental death and dismemberment??? Most policies can be renewed for additional periods without evidence of insurability. Correct: C. Consideration. a) Accepted accounting principal. \hline & \text { Jul 31 } & 19,500 B. ~~~\text{Raw materials purchases}&\$264,000\\ C. Conditional contract Rates. ________________ are the person who receives benefits payable upon death. b. D. The benefit is received tax free Waive the premium if the INSURED becomes totally disabled. They keep a high percentage of any interest earned on their policies \end{aligned} 4)annual, Everytime you have a payment due. This type of life insurance is called Correct: D. A surplus lines broker places risks with nonadmitted insurers when coverage cannot be placed with admitted insurer carriers. Reinsurance has 2 types of policys, what are they? Insurance is considered a transfer of risk. The correct answer is: The premium decreases to zero by the end of the policy period. (c) both I & II (d) neither I nor II. When the agent delivers the policy, collects the initial premium, and the applicant completes and acceptable statement of good health _______ pays dividends to the stock holder. An agent has authority to do all of the following, except: A. Countersign insurance contracts c) Counselor (a) I only (b) II only EMPIRECOMPANYIncomeStatementFortheMonthEndedOctober31,2017, Salesrevenue$780,000Less:OperatingexpensesRawmaterialspurchases$264,000Directlaborcost190,000Advertisingexpense90,000Sellingandadministrativesalaries75,000Rentonfactoryfacilities60,000Depreciationonsalesequipment45,000Depreciationonfactoryequipment31,000Indirectlaborcost28,000Utilitiesexpense12,000Insuranceexpense8,000803,000Netloss$(23,000)\begin{array}{lcc} 1)Level
Yes, all T-mobile insurance plans cover cracked screens.You will have to pay a deductible fee which will depend on your device model. The gross premium charged must reflect, at least for competitive reasons, the actual cost of providing the insurance. All of the other statements are true. a) Types of mutual companies Quarterly working capital levels for your firm for the next year are included in the following table. It is legal to list nonguaranteed values in the contract, but they must be specifically labeled as projected, not guaranteed values. When an applicant pays the initial premium the agent will give them a what? (b) current assumption whole life. d. 10 payment whole life, Chapter 12 - Life Insurance Contractual Provi, Chapter 15 - Individual Health Insurance Cove, Fundamentals of Financial Management, Concise Edition, Marketing Essentials: The Deca Connection, Carl A. Woloszyk, Grady Kimbrell, Lois Schneider Farese. M327. -assignor=assignee
Accelerated Living Benefit/Accelerated Death Benefit? D) Insurance covers intentional losses as well as unintentional. (a) Evidence of insurability is not required to renew the coverage. 3) Increasing Term. Beneficiary's age is not a suitability factor. Warranty D) Obtaining a bachelor's degree. Retention, Avoidance, and Transfer are all _________________. D. group credit insurance must have a suicide clause . Journalize the entry to transfer the total of all cost sheets completed from Work in Process to Finished Goods. c) Smaller. Question: All of the following statements about professional liability insurance are true, EXCEPT: Select one: O a. Which method makes the most sense for her to employ? Occupation &\begin{array}{lccc} 2)no cash-value
(c) face amount of the policy and the legal reserve. There are many legitimate need-based expenses that can be paid by life insurance proceeds, from groceries to retirement income. An insurer that is incorporated in the same state that they are doing business in is a_____________.? D. Represent the insured's interest Attempting to determine how much insurance an individual would require based upon their finacial objectives is known as. 3) Equity-Index annuity. The cash value of availability to the policyowner An applicant is denied insurance because of information found on a consumer report. 1) premium schedule differ from whole life
Exclusion Categories D. Gender. All of the following would be considered to be rebating EXCEPT 3. (a) capital retention approach Correct: A. A surplus lines broker deals with direct writing companies only When a replacement is involved, a replacing insurance company is responsible for all of the following EXCEPT: Provide a copy of the Important Notice Regarding Replacement of Life Insurance to the applicant. The cost of a living rider is calculated by what? A company formed in a different country doing business in any state of American who owners are stockholders that receive dividends and have voting rights. To sell variable life insurance policies, an agent must receive all of the following EXCEPT d. falsely believing that a spouse has been Domestic Insurer
Why do most states have a waiting period for couples applying for marriage licenses? In the needs approach, all of the following information is used to establish how much insurance needs to be purchased, EXCEPT: Mary should purchase $1.5 million ($75,000 x 20 working years remaining = $1,500,000). 1) cash value earns interest
What are two reasons that people deposit money in banks? C. Loss of personal income b) An agent offers to share his commission with a policyholder. b) Reduced paid-up Health insurance decreases your healthcare costs. Example: company that is incorporated in NJ and sells in NJ. (D The employer is the owner, payor and beneficiary of the policy. The interest rate credited to the cash value at the time of issuance remains fixed over the life of the policy. Legal Purpose (3), 1)bank trust officer
-greater potential to grow the cash value but there is no guarantee
1)increase cash value
\text { Room } & \text { Super Saver } & \text { Deluxe } & \text { Business } \\ C. Buy-Sell agreements are normally funded with a life insurance policy The policyowner can add to a policy's cash value at any time subject to policy guidelines. Statement of good health Be prepared to justify your answer. A company doing business in a different state than it is incorporated in and the stockholders/share holders have ownership rights
When the producer exceeds the authority expressed in the agency contract and the insurer does not take action, which type of authority is created? \hline e. The total of costs recorded on all sales invoices for the month is$654,052.00. Long-term investment decision, payback method Bill Williams has the opportunity to invest in project A that costs $9,000 today and promises to pay annual end-ofyear payments of$2,200, $2,500,$2,500, $2,000, and$1,800 over the next 5 years. Who is not a party to the contract and receives the benefits when the insured dies? *Both not taxable. ____________ is a statement that is true to the best of the persons knowledge that is making the statement. Individuals covered under the policy received a certificate of insurance. D) The Fair Credit Reporting Act governs what information can be collected and how the information can be used. A contract between insurer and policy holder. ?19,500, Accumulateddepr.-equipmentJul155,000Depr3,000Jul3158,000\begin{aligned} 3)premium is collected
Close Skip to Content High Contrast Increase Text Size Clear All 515-705-0233. Department of Defense 2)FCRA(fair credit reporting act) checks MIB report. Which of the following would provide an underwriter with information concerning an applicant's health history? b) Increasing Premium (d) annual premium and the annual policy dividend. Breach of warranty \hline && \text { Jul 1 } & 65,000 \\ 4. insured is always the borrower & the beneficiary=lender
A life insurance license. 4. He has also been hospitalized for drug abuse, but does not remember this when applying for insurance. -A Mec will receive unfavorable tax treatment
4)Offer and Acceptance, -direct and identifiable interest in that persons life/as well as financial interest. When applicant is not the insured ______________ must exist. When the application is submitted without the premium its considered an invitation for the insurer to make an offer. Steven prints a pamphlet to advertise his life insurance business. 167 views, 0 likes, 3 loves, 8 comments, 10 shares, Facebook Watch Videos from Saint Barnabas Episcopal Church Greensboro, NC: 5th Sunday after Epiphany. d) Graded Premium. D) Using misrepresentation to convince a person to cancel an existing policy and buy a new one is called "twisting.". What type of interest does universal life have? ____________ insurer is not a type of insurer. A. d) Decreases annually. 3) type of plan they applied for. Premiums are not tax deductible as a business expense 2) Transferring the risk
\text{Less: Operating expenses}\\ Who is responsible for making sure the application is completed properly and all necessary info is obtained? D. Solicit applications on insurer's behalf \textbf{Income Statement}\\ -But pays you interest, 1)Fixed annuity
C. Waiver of Estoppel A. A debtor has an insurable interest in the life of a lender. Which of the following is correct concerning the taxation of premiums in a key-person life insurance policy? Dividends received by policyholders of a mutual insurer are not taxable. A securities license. b) Fluctuates. A) The insurance policy usually has a provision specifying how a notice of loss is to be made to the insurance company. Terms that apply to the insurer not the applicant. When an insured fails to disclose known facts in an application for insurance, he/she may be guilty of what? Correct: D. Department of Treasury, The Terrorism Act, which protects consumers by addressing market disruptions and ensuring the continued widespread availability and affordability of property and casualty insurance for a terrorism risk, is a administered by the Department of Treasury. It is used to help adequacy and equity in rates. Renew policy holder has an option- THE INSURER DOES NOT. Which of the families below is likely to have the least need for a large life insurance policy? A person who negotiates insurance contracts on behalf of an insured. The insured agrees to maintain insurance equal to some specified percentage of the value of the property. How much life insurance should Sam advise . It is the specific cause of loss. (receive dividends & the right to vote). D. Agents report. Use the indirect method. 3)defined benefit plans
c) Conditional The debtor does not have an insurable interest in the life of the lender. A. Which of the following statements about limited-payment life insurance is true? b) Promptly forwarding premiums to the insurance company (2), The current market will influence the cash value
In order for the contract or policy to be valid or legal? c) Increases annually. A. when the applicant/owner is not the insured-3rd party
C. Countersign insurance contracts C. Whole life c) Helping insureds to file claims a) Year only. Term. Tamara purchased a term insurance policy when she had high life insurance needs and limited income. -its a rider
A) They must be given to all Life insurance applicants. C) They must contain a warning that actual results may vary. B. -the premiums are paid for a limited time only. Insurance transfers risk but it does not__________ risk. C. Department of State -below market interest rates on borrowing
(c) expired. A buy-sell agreement is simply a contract that establishes what will be done with a business in the event that an owner dies. a) Consumer Privacy Act Empire Company is a manufacturer of smart phones. Which of the following is usually true of a participating life insurance policy? Which of the following statements about universal life insurance is true? The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . \hline & \text { Jul 31 } & 58,000 D. A surplus lines broker deals with admitted carriers only What does "liquidity" refer to in a life insurance policy? All of the following are common characteristics of this coverage EXCEPT \end{array} 4)explain policy & provisions
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